MOG founder David Hyman stepping down as CEO
Sources tell CNET that Beats wants a new CEO managing the music service it acquired this year.
David Hyman, the founder of music service MOG, stepped down abruptly today as CEO of the company that he sold earlier this year to Beats.
Executives at Beats, the company best associated with the popular headphones, said in March after acquiring MOG, that Hyman would stay on and help oversee the music service.
But sources close to the company who spoke to CNET said Beats told staff that Hyman's departure was effective immediately. Hyman is the former CEO of Gracenote and an MTV exec.
MOG was one of those services that was perpetually in the middle of the pack. According to reports, it was sold to Beats for far less than investors sunk into the service. But Beats, co-founded by Jimmy Iovine, the famed record producer, and Dr. Dre, record producer and rap artist, is trying to breathe new life into MOG.
In addition to using MOG to sell music, Beats' leadership plans to use MOG as the backbone for the company's e-commerce sales, sources said earlier this year.
Update 2:45 p.m. PT A Beats representative has just confirmed Hyman's departure: "Effective immediately, David Hyman will be stepping down from his role as CEO of MOG, but will continue working closely with the company as a strategic advisor."
Update 3:48 p.m. PT Hyman just posted this note to Facebook: "MOG... my child, it's been a long great journey. But like Sting said, 'If you love something, set it free.' You're in good hands at Beats. I'm looking forward to my first real break since 1994. Nepal? Kauai? Taking a year off. Do not disturb."